The costs of raising children have risen and while that’s not a big surprise, the amount may well give you sticker shock!
According to the latest study released by the USDA, a child born in 2013 will cost the average middle income American family approximately $245,340 by the time he or she reaches the ripe ol’ age of just 18. Keep in mind that these costs do NOT include the cost of College or any expenses that are incurred if the child remains in the home past the age of 17.
What is included in this calculation, food, housing, childcare and basic primary education (K-12).
How does it compare to 1960? The first report ever issued by USDA indicated an estimated expense of $25,230 per child.
Interested to see what the USDA Calculates YOUR cost to raise your family? Check out this interesting USDA Cost of Raising a Child Calculator, which takes into account the Region in which you live, the number of children you have and the age of your children. (Note: According to the calculator page, The amount of money you spend depends on how many children you have, the age of the children, your marital status, where you live, and your household income. The results are based on what families similar to your family spend in a year and include a breakdown by major budgetary components.)
Do you agree or disagree with the federal consensus? What are your thoughts?
Source: Reuters
© Can Stock Photo Inc. / tomwang
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